Virtual offices are a great way to bring the benefits of working from home or in a shared office space to your company. They offer flexible working hours, lower costs, and the opportunity for employees to be more productive.
This is because they can work from anywhere at any time. A Virtual office allows you to expand your business anywhere in India without physically occupying an office. With a virtual office, you can get a business address for your company in a new state where you don’t have GST registration.
Why Virtual Offices Are Beneficial For GST Registration
One of the reasons a virtual office is necessary for GST registration is that it could serve as a place of business for a company that does not have a physical presence in a city or country. A virtual office is a business address where you can receive correspondence and visitors, but it is different from a traditional office in that it will not have any employees. Thus, it will not incur GST. Another reason why you need a virtual office for GST registration is that it can function as a single point of contact for multiple businesses. Normally, businesses in the same industry, who operate in different locations, are given the same GST registration number. The virtual office will serve as the single point of contact for all these businesses. Virtual offices are also helpful for companies that do not have a physical presence in the country where GST is applicable. For example, international companies that sell online and through distributors in India will have to register for GST but will not have a physical presence in the country. In such cases, these businesses can open a virtual office in India and hire a person to operate the office. The person will act as the contact person for the company and will receive all the correspondence and visitors on behalf of the company. The virtual office will not incur GST.
A virtual office can be beneficial for many reasons. Employees may find that they are more productive when they can work from home or at a location that is convenient for them. The company might find that it saves money on rent and other costs associated with traditional offices.
1. Reduced Compliance Requirements
The biggest advantage of electing to go with a virtual office is that you will have reduced compliance requirements. This can be helpful for small businesses that want to minimize their compliance burden. A virtual office does not have any employees, and it does not have any fixed place of business. Thus, it does not incur any GST. Moreover, the virtual office does not have any inventory, so it will not have to report any purchases. The virtual office will have to only register under GST and then report the details to the government.
2. No Physical Presence Requirement
Another advantage of going with a virtual office for GST registration is that it does not have a physical presence requirement. If a company does not have a physical presence in India, it cannot open a regular GST account. But it can open and operate a virtual office to comply with GST. The virtual office can open a GST account on behalf of the company, but it will have to appoint a person as the authorized representative. The authorized representative is responsible for maintaining records, filing returns, and complying with GST regulations.
3. Shorter Turnaround Time
Address verification and GST registration can take a few weeks. However, with a virtual office, the process can happen more quickly. The address verification and GST registration process with a virtual office could take a shorter time because it does not have a fixed place of business. The address verification and GST registration process with a physical office could take a long time because it has a fixed place of business. The authorities will visit the physical office to verify the address and collect details about the company. But a virtual office does not have a physical location, so the authorities will accept information about the company through email or online.
GST Registration Process for Small and Medium-Sized Businesses
The GST regime will be applied to all businesses in India, irrespective of the size of their operations. The GST registration process for small and medium-sized businesses will be similar to those followed for large businesses. In most cases, you must follow the standard procedure of applying for an Integrated GST (IGST) account. There will be different rates of GST for different goods and services. Every business must charge GST on their sales, and claim it on their purchases. Small businesses (those with an annual turnover of less than INR 50 million) are eligible to register under GST as a Basic Registered Person (BRP) and can do this online. On the other hand, medium-sized businesses (annual turnover of INR 50 million to INR 500 million) can register for GST under a Composition Scheme, wherein they pay a percentage of the tax due in advance in one month as compared to the quarterly payment by the businesses who have registered under the regular GST regime.
The Goods and Services Tax is a broad-based tax on the consumption of goods and services, similar to the value-added tax that is expected to be set at a standard rate of 17% across the country. With this new taxation system, you need to consider setting up a virtual office to get registered for GST quickly and easily. A virtual office is a business address where you can receive correspondence and visitors, but it is different from a traditional office in that it will not have any employees. Virtual offices are helpful for companies that do not have a physical presence in the country where GST is applicable. Virtual offices do not have any fixed place of business and will not incur any GST.
Virtual office For GST Registration In Bhubaneswar
Are you looking for a Virtual Office in Bhubaneswar? If yes, then we have the best option for you, Bhubaneswar office provides you with the most cost-effective and professional Virtual office at a premium location at a reasonable price. Bhubaneswar office provides your virtual office at a premium business center and avails you of a phone number, Mailing Address, and a virtual receptionist who can manage all your activities.
Why Choose Us?
1. Fulfillment of all GST terms and conditions
2. Standardized and approved document process
3. Dedicated account managers for quick process
4. Registration provided across India
5. Affordable prices
6. Guaranteed successful registration or full refund
7. Super Active customer support team
8. Meeting room and Fully furnished workplace that your professional workspace needs
Our co-workspaces are equipped with all basic work amenities; this ensures a comfortable work experience for you and your team.
Partner with us today!